Consultation Paper On The Virtual Financial Assets Rules For VFA Agents

INTRODUCTION

Following the positive feedback received on the proposed introduction of a new legislative framework regulating Initial Coin Offerings ('ICOs') and the provision of certain services in relation to virtual currencies, the MFSA drafted and submitted to the Government the Virtual Financial Assets Act ('the Act'). The Act will come into force on such date as the Minister for Digital Economy may establish by notice in the Gazette.

On 4 July 2018, the MFSA published a Consultation Paper on the Virtual Financial Assets Regulations to be issued under the Virtual Financial Assets Act which presents a draft Legal Notice setting out regulations on: [i] exemptions; [ii] fees; [iii] control of assets; and [iv] administrative penalties and appeals ('the Virtual Financial Assets Regulations'). This consultation closes on 20 July 2018.